President of the Ghana Union of Traders’ Associations (GUTA), Clement Boateng, has accused some traders of deliberately refusing to reduce prices despite a drop in input costs.

Speaking on Joy News’ PM Express on Monday, Mr Boateng said the cedi’s appreciation has delivered gains for the business community, and those benefits must be reflected in consumer prices.

“I see the action of not wanting to reduce prices as a deliberate issue,” he said, using the example of traders who refuse to reduce the price of bread, “irrespective of the fact that the commodity… that he’s using to bake the bread… has gone down.”

He described the behaviour as an unfortunate attitude among some Ghanaians.

“I see that as an attitude of some of Ghanaians that irrespective of whatever situation that we find ourselves, we will not let our compatriots also enjoy the gains that we have made,” he said.

Mr Boateng insisted that the cedi's appreciation has been sustained for some time and that the business community has benefited.

“It is an undeniable fact that the cedi has appreciated for quite some time. And the business community has made some gains,” he said.

He argued that traders have a responsibility to pass those gains on to the public.

“So definitely, the gains that we have made, we are supposed to also pass it on to the consumer, for the consumer to also enjoy a bit of what has happened in the marketplace,” he said.

When asked whether price reductions are occurring, the GUTA President said they are happening widely, though some traders remain stubborn.

“It has happened across board. Yes, across board,” he said.

“But you see, as we say, we have bad nuts in every community. People have made up their mind that they will not reduce their prices.”

Mr Boateng warned that such traders may end up hurting their own businesses, especially in a highly competitive market.

“The market that we are in is a very, very competitive market,” he said.

He explained that most businesses rely on facilities and survive on turnover, not on sitting on stock.

“Businesses thrive on turnover,” he said.

“So if you sit behind your goods. And you will say, you will not reduce it for the consumer to also… enjoy some benefit you do so at your own expense.”

He stressed that consumers will simply move to other sellers, leaving stubborn traders stranded.

“Your neighbour will sell fast and then bring in more goods to make the turnover that he wants, and his business will thrive, and then you will sit beside your goods, and will not make any sales,” he said.

Mr Boateng said price reductions are already evident in the market and are contributing to a slowdown in inflation.

“So I can tell you for a fact that generally, prices have gone down,” he said.

“And that is why inflation also seems to be… going down.”

He also offered his own explanation of inflation, linking it to the purchasing power of money.

“What does inflation mean? Inflation simply means having a purchasing value of your money on either goods or services,” he said.

He concluded by insisting that prices have fallen broadly and that consumers should not be denied the benefits of recent economic gains.

“And I can tell you clearly that, if you want to talk about prices of goods… prices of goods… have generally come down,” he said.